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Gold Daily Technical Outlook

Oil N' Gold Team from Oil N' Gold at 01/05/10


Comex Gold (GC)

Gold's rebound from 1075.2 is still in progress and at this point, intraday bias remains on the upside for 38.2% retracement of 1227.5 to 1075.2 at 1133.4 first. Break there will target 61.8% retracement at 1169.3 next. But after all, consolidations from 1127.5 is expected to extend further with another fall and hence, upside of the current rebound will possibly be limited by 1169.3 fibo level. ON the downside, though, break of 1107.9 minor support will argue that recovery from 1075.2 might have completed and will flip intraday bias back to the downside for retesting this support.

In the bigger picture, rise from 681 is expected to develop into a set of five wave sequence with first wave completed at 1007.7, second wave triangle consolidation completed at 931.3. Rise from 931.3 is treated as the third wave and has possibly completed at 1227.5 after missing 100% projection of 681 to 1007.7 from 931.3 at 1258. Deeper pull back could now be seen to 1026.9/1072 support zone, or even further to retest 1000 psychological level. But downside should be contained well above 931.3 support and bring up trend resumption to another high above 1227.5.

Comex Gold Continuous Contract 4 Hours and Daily Charts

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